A quick look at yesterday: after ending Tuesday at 4,119.58, the S&P went up to 4,148.3 only to drop back to its starting point and close at 4,090.75.

The S&P is currently trading at 4,090.75 following the release of FOMC Press Conference data from the United States.

Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.

Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.

Despite being in the red so far in the current trading session, S&P 500 peaked above its 10 day Simple Moving Average around 4,134.36 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems the S&P might start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Hang Seng is down to 19,700, losing 233.81 points, after ending the previous session around 19,934. Dow Jones is down to 33,400, losing 300 points, after ending the previous session around 33,700. After ending yesterday's session at 7,197.4, ASX 200 lost 41.9 points and is trading around 7,155.5.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 230,000; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.

The index has been trending positively for about a month. This year has been a bright one for the S&P 500 after trading as low as 3,577 and going on to appreciate by 9.1% year to date.